Developed by Alan Andrews, the Andrews' Pitchfork draws channels on a chart that can be used to form potential support and resistance lines. Line alerts can be applied to the lines to notify you when they have been crossed.
For more information on the history and application of Andrews' Pitchfork tool please see this series of articles by Timothy Brackett, MSTA and Kyle Crystal, CMT, CFTe:
Part 1 - History
Part 2 - Application
Part 3 - Advanced Application
Applying the Andrews' Pitchfork to your chart requires 4 clicks, as shown above. As well as the standard pitchfork, it is also possible to display with Schiff and Modified Schiff settings:
It's also possible to show both internal and external warning lines, Hagopian lines, and Swing Parallel lines:
Actions & Properties
Add Line Alert: Selecting this action will set a Line Alert based on the selected line.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Andrew's Pitchfork tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Andrew's Pitchfork tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Andrew's Pitchfork to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to adjust the name of the tool, as it's displayed in the Structure Panel.
Levels: Click on this option to add your own parallel lines to the tool. For example, a level of 25 will be half way between the lower fork and the median line. To add a new level to the chart, left-click on the blue + button and enter the values as needed. Click on Line Style to change the colour, style, width and transparency of the line.
Type: A Standard pitchfork will be applied to a chart when the tool is selected. Once applied, it can be changed to a Schiff or Modified Schiff pitchfork.
Base Lines: This field expands to display options to change the style, width, colour and transparency of the pitchfork lines.
Warning Lines: Tick the box to show parallel warning lines outside the original pitchfork lines. They are drawn the same distance apart as the pitchfork and the median line. The number or warning lines, the direction (forwards, backwards, or both), line style, width, colour, and transparency can all be adjusted.
Internal Lines: Tick the box to show parallel lines inside the original pitchfork lines (and warning lines, if selected). Choose the percentage of the internal line required, where 50% will draw halfway between the pitchforks and median line. The line style, width, colour, and transparency can all be adjusted.
Swing Parallel Lines: Showing these lines will draw lines across the pitchfork, parallel to the base. The distance between the swing lines will be the same as the length of the pitchfork handle. The number of swing lines, style, width, colour and transparency can all be adjusted.
Hagopian Lines: Tick the boxes to show the upper and lower lines. The style, width, colour, transparency and line extensions can all be adjusted.
Extend Forward: Check this box to extend the pitchfork lines forward.
Extend Backward: Check this box to extend the pitchfork lines backwards.
Lock: Locks the geometric proportions of the chart.
Log Adjust: When applied to a logarithmic chart the pitchfork will automatically be log adjusted, but if switched to an arithmetic chart (or from arithmetic to logarithmic) tick this box to ensure the pitchfork is drawn correctly.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.